Greetings, and welcome to the J. Crew Second Quarter 2011 Results Conference Call. [Operator Instructions] It is now my pleasure to introduce your host, Stuart Haselden, Treasurer of J. Crew. Thank you, Mr. Haselden, you may now begin.

Stuart Haselden

Thank you for joining us to review our second quarter 2011 results. With me today are Jim Scully, Chief Administrative Officer and Chief Financial Officer; Libby Wadle, Head of our J. Crew brand; and other members of our management team.

Before we begin, I would like to remind you of the company's Safe Harbor language, with which I am sure you are familiar. The statements contained in this conference call, which are not historical fact, may be deemed to constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Actual future results might differ materially from those projected in such statements due to a number of risks and uncertainties, all of which are described in the company's filings with the SEC and in the press release issued in connection with today's call.

During this call, we will refer to adjusted EBITDA, which adjusts for items such as noncash share-based compensation, transaction-related litigation, as well as the impact of purchase accounting resulting from the acquisition. You can find a reconciliation of the adjusted EBITDA in Exhibit 3 of our press release, as well as additional information in the MD&A section of our Form 10-Q for the second quarter of fiscal 2011.